Fuel cells have emerged as viable solutions in areas such as stationary and backup power systems, material handling equipment (MHE), and fuel cell electric vehicles (FCEV). Persistent challenges for fuel cells and electrolyzers include high initial cost and the availability of hydrogen infrastructure to support FCEV and MHE fleets. Cost of fuel cells are still high compared to other power generation systems such as diesel and natural gas generators. This, however, can be linked to two facts: first is low production volumes generally and second is emerging manufacturing technologies currently in R&D that need to be scaled up to factory production volumes. This study investigates current manufacturing processes used in production of fuel cells (e.g., spray coating and manual assembly) and emerging manufacturing technologies (e.g., roll-to-roll catalyst coating) to investigate key cost drivers and potential cost reductions in manufacturing of fuel cells and electrolyzers. In particular, we focus on how cost reductions for advance manufacturing technologies may be more significant at scale than existing technologies.